AuMEGA Metals Identifies Several New Exploration Targets Following Completion of Technical Workshop
AuMEGA Metals Ltd ASX: AAM | TSXV: AUM | OTCQB: AUMMF
ABN 45 612 912 393 aumegametals.com
3 July 2024
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AuMEGA Metals Identifies Several New Exploration
Targets Following Completion of Technical Workshop
Key Highlights
• Comprehensive technical workshop led by world-renowned structural geologist Brett Davis.
• Several new targets identified on the district-scale land package along both the Cape Ray Shear
Zone (“CRSZ”) and Hermitage Flexure.
• A total of 37 targets in various stages defined and added to project portfolio.
• Target ranking in progress with proposed work programs being developed ahead of
prioritisation.
• Phase one diamond drilling continues, with assays pending.
July 3, 2024 – Edmonton – AuMEGA Metals Ltd (formerly Matador Mining Ltd) (ASX: AAM | TSXV: AUM
| OTCQB: AUMMF) (“AuMEGA” or “the Company”) is pleased to announce the outcomes of its recently
completed comprehensive technical workshop, which was led by world-renowned structural geologist
Brett Davis. The workshop was carried out in Port aux Basque, Newfoundland and included AuMEGA
Chair Justin Osborne, Company personnel and B2Gold geologists.
The main outcomes of the workshop include d the identification of several new structural and
geochemical targets based on mineral systems concepts, with each target assigned a score for ranking
and prioritisation.
AuMEGA Metal’s Managing Director and CEO, Sam Pazuki commented:
“We have a massive land package on the two largest known gold structures in Newfoundland. With ten
discrete projects in our portfolio , we have developed a best -in-class approach to exploration ,
particularly exploring beneath the concealing overburden. We have an incredibl y supportive
shareholder base that recognises the potential of our district-scale land package, and who appreciates
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3 July 2024
our systematic approach to exploration. These are all critical elements for any successful exploration
business.
“With the highly prospective land package we have, it is imperative that we ensure we properly identify,
rank and prioritise our many targets. The key to success is then developing the appropriate exploration
programs and allocate capital efficiently with return on investment as a key criterion, to advance the
best targets through the exploration lifecycle . We brought together a considerable amount of brain
power and experience at the successful technical workshop, with active participation by those who
have made major mineral discoveries globally in their respective careers.
“I am very pleased with the outcomes of this workshop which exceeded my expectations with nine new
targets identified. The bottom line is that we have no shortage of outstanding targets. While the O-2
target remains one of our best targets following our highly successful winter RC drill program, we have
confirmed very exciting new opportunities at both Hermitage and Cape Ray. The next step is to finalise
the ranking of the 37 targets identified by our team, create specific work programs for the top-ranking
projects initially, define the return- on-investment potential, and advance our exploration activities on
the resulting priority projects. We expect to pull together this information and future work programs over
the coming weeks. It’s also important to note that the targets we have is based on where we have
enough data to support them as targets. Much of the land package is untested, unknown and under
cover.
“Our conviction in our portfolio has only grown over the past two years and the workshop outcomes not
only further confirm our beliefs, but also supports the work we are doing , with our ultimate goal of
unlocking significant value for shareholders through the discovery of mega deposits.”
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3 July 2024
FIGURE 1: AUMEGA METALS TARGETS WITHIN THE PORTFOLIO
Workshop Overview
The technical workshop entailed a review of the significant data that has been collected historically and
by the Company from the CRSZ and Hermitage Flexure through geophysical surveys, diamond and RC
drilling, prospecting, sampling, mapping and desktop analysis.
Targets were ranked using a mineral systems approach, defined by the key criteria common to world-
class gold deposits. The resultant conceptual rankings are used in conjunction with factual empirical
data and are subdivided by stage in the exploration pipeline. This objective ranking methodology allows
for targets in various stages of exploration, with different empirical data sets, to be ranked against each
other to best select targets for further work. Such a systematic approach to ranking and prioriti sation
allows for efficient and effective deployment of capital to drive discovery.
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3 July 2024
Workshop Outcomes
In total, the Company has now defined 37 targets within its portfolio. As a result of the workshop, nine
new targets were identified based on geophysical and geochemical data previously collected and re -
interpreted. These new targets were then combined with existing targets and subsequently assigned a
score based on both conceptual and empirical criteria with the overarching defining criteria being the
potential of the target to host a multi -million-ounce deposit. Three (O-2 West, O-2 East and Grandy’s
East) of these nine targets are a result of the Company’s successful winter RC drill program at
Malachite.
Of the total targets that the Company has identified, 30 are in the early stages of exploration while five
targets are in the intermediate stage and two in the advanced stage, both of which we are currently
drilling within the resource corridor. Another three intermediate targets are part of the phase two
diamond drill program including O -2 West which delivered the best results from the winter RC drill
program.
FIGURE 2: AUMEGA PYRAMID OF TARGETS BY STAGE OF EXPLORATION
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Next Steps
The Company is currently ranking each of the targets and will create more specific work plans for each
that don’t currently have them in place. The work plans will be on the top ranking targets and will include
the scope of work and expected outcomes, including the necessary outcomes required to continue to
advance targets through the exploration lifecycle. This work is expected to be completed in the coming
weeks in conjunction with ongoing field exploration work.
Current Field Work Update
The Company continues the first phase of the diamond drill program and expects to complete it within
the next couple of weeks , with assays expected over the next few weeks. In July 2024, the Company’s
exploration activities include mainly geophysical and geochemical surveys in the resource corridor,
Bunker Hill and Hermitage. Assays from the first drillhole at Central Zone are pending , as are three
remaining geotechnical holes.
– ENDS –
This announcement has been authorised for release by the Company’s Board of Directors.
To learn more about the Company, please visit www.aumegametals.com, or contact:
Sam Pazuki, Managing Director & CEO
Canada Phone: +1 416 915 3178
Australia Phone: +61 8 6117 0478
Email: [email protected]
AuMEGA Metals Ltd
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About the Company
AuMEGA Metals Ltd (ASX: AAM | TSXV: AUM | OTCQB: AUMMF) is utilising best-in-class exploration to
explore on its district scale land package that spans 110 kilometers along the Cape Ray Shear Zone, a
significant under-explored geological feature recognised as Newfoundland, Canada’s largest identified
gold structure. This zone currently hosts Calibre Mining’s (TSX: CXB) Valentine Gold Project, which is
the region’s largest gold deposit (+5 million ounces), along with AuMEGA’s expanding Mineral
Resource.
The Company is supported by a diverse shareholder registry of prominent global institutional investors,
and strategic investment from B2Gold Corp, a leading, multi-million-ounce a year gold producer.
Additionally, AuMEGA holds a 27-kilometer stretch of the highly prospective Hermitage Flexure and has
also secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland,
which exhibits strong potential for copper and other base metals.
AuMEGA’s Cape Ray Shear Zone hosts several dozen high potential targets along with its existing
defined gold Mineral Resource of 6. 1 million tonnes of ore grading an average of 2.25 g/t, totaling
450,000 ounces of Indicated Resources, and 3.4 million tonnes of ore grading an average of 1.44 g/t,
totaling 160,000 ounces in Inferred Resources.
AuMEGA acknowledges the financial support of the Junior Exploration Assistance Program,
Department of Industry, Energy and Technology, Provincial Government of Newfoundland and
Labrador, Canada.
Reference to Previous ASX Announcements
In relation to this news release, all data used to assess targets have been previously disclosed by the
Company and referenced in previous JORC Table 1 releases. Please see announcements dated: Mineral
Resource estimate announced on 30 May 2023, Company 2024 exploration announcements on 28
August 2019, 31 October 2019, 29 October 2020, 16 January 2024 and 23 May 2024 , Malachite
announcements dated 20 April 2022, 8 June 2022, 12 September 2022, 14 September 2022, 6 October
2022, 12 December 2022 , 25 January 2023 and 11 October 2023 , Long Range announcements on 14
April 2021, 31 October 2019, 23 February 2023 and 24 August 2023, Bunker Hill announcements on 14
April 2021, 22 March 2023 and 6 April 2023, Hermitage prospecting results announced on 18 May 2023
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3 July 2024
and 13 November 2023, Grandy’s announcements on 29 October 2020, 17 February 2021, 18 November
2021, 11 October 2023, Intersection related announcements 16 January 2024 and 29 October 2020,
Hermitage announcement on 18 March 2024, Winter RC drill results reported on 23 April 2024 and 28
May 2024 and the Resource Corridor announcement on 5 June 2024.
In relation to the Mineral Resource estimate announced on 30 May 2023, the Company confirms that
all material assumptions and technical parameters underpinning the estimates in that announcement
continue to apply and have not materially changed. The Company confirms that th e form and context
in which the Competent Person's findings are presented have not been materially modified from the
original market announcement.
Competent Person’s Statements
The information contained in this announcement that relates to exploration results is based upon
information reviewed by Mr. Spencer Vatcher, P. Geo. who is an independent consultant employed with
Silvertip Exploration Consultants Inc. Mr. Vatcher is a Member of the Professional Engineers and
Geoscientists of Newfoundland and Labrador (PEGNL) and has sufficient experience which is relevant
to the style of mineral isation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr. Vatcher consents
to the inclusion in the announcement of the matters based upon the information in the form and context
in which it appears.
The information in this report that relates to Exploration Results and specifically the new t argets
generated is based on information reviewed by Mr. Justin Osborne who is a Fellow of the Australasian
Institute of Mining and Metallurgy. Mr. Osborne holds shares and options in and is Non Executive Chair
of AuMEGA Metals Ltd and has sufficient exper ience which is relevant to the style of mineralisation
under consideration to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Osborne consents
to the inclusion in the report of the matters based on the information reviewed by him, in the form and
context in which it appears.